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Banner (NASDAQ: BANR), the parent company of Banner Bank, announced that its credit ratings have been affirmed by Kroll Bond Rating Agency (KBRA). Specifically, the senior unsecured debt rating remains at BBB+, the subordinated debt rating at BBB, and the short-term debt rating at K2. For Banner Bank, the deposit and senior unsecured debt ratings stayed at A-, with the subordinated debt rating at BBB+ and short-term deposit and debt ratings at K2. KBRA has also maintained a Stable outlook for all long-term ratings. CEO Mark Grescovich highlighted that these ratings reflect Banner’s financial strength, stability, and sound credit practices, reinforcing their capacity to provide consistent capital to clients.
Positive
- Senior unsecured debt rating affirmed at BBB+.
- Subordinated debt rating affirmed at BBB.
- Short-term debt rating affirmed at K2.
- Banner Bank’s deposit and senior unsecured debt ratings affirmed at A-.
- Subordinated debt rating for Banner Bank affirmed at BBB+.
- Short-term deposit and debt ratings for Banner Bank affirmed at K2.
- Stable outlook for all long-term ratings.
WALLA WALLA, Wash.–(BUSINESS WIRE)– Banner Corporation (NASDAQ: BANR) (“Banner”), the parent company of Banner Bank, today announced that Kroll Bond Rating Agency, LLC (KBRA) affirmed the senior unsecured debt rating of BBB+, the subordinated debt rating of BBB, and the short-term debt rating of K2 for Banner Corporation. In addition, KBRA affirmed the deposit and senior unsecured debt ratings of A-, the subordinated debt rating of BBB+, and the short-term deposit and debt ratings of K2 for the company’s principal subsidiary, Banner Bank. The agency also noted they determined the outlook for all of Banner’s long-term ratings is Stable.
“We are pleased to receive affirmation of our investment grade rating from KBRA,” said Mark Grescovich, President and CEO. “This rating in KBRA’s latest report reflects our financial strength and stability, and validates our strong financial performance and sound credit practices. It is also a testament to our ability to serve as a consistent source of capital to our clients through all economic cycles and change events.”
About Banner Corporation
Banner Corporation is a $15.52 billion bank holding company operating one commercial bank in four Western states through a network of branches offering a full range of deposit services and business, commercial real estate, construction, residential, agricultural and consumer loans. Visit Banner Bank on the Web at www.bannerbank.com.
About KBRA
Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.
Forward-Looking Statements
This press release contains statements that the Company believes are “forward-looking statements.” These statements relate to the Company’s financial condition, results of operations, plans, objectives, future performance or business. You should not place undue reliance on these statements, as they are subject to risks and uncertainties, and actual results and performance in future periods may be materially different from any future results or performance suggested by the forward-looking statements in this release. Factors that might cause such differences include, but are not limited to, those identified in our risk factors contained in Banner Corporation’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023. Such forward-looking statements speak only as of the date of this release. Banner Corporation expressly disclaims any obligation to update or revise any forward-looking statements found herein to reflect any changes in the Company’s expectations of results or any change in events.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240708066428/en/
MARK J. GRESCOVICH, PRESIDENT & CEO
ROBERT G. BUTTERFIELD, EXECUTIVE VP & CFO
(509) 527-3636
Source: Banner Corporation
FAQ
What ratings did KBRA affirm for Banner ?
KBRA affirmed the senior unsecured debt rating at BBB+, the subordinated debt rating at BBB, and the short-term debt rating at K2 for Banner
What are the affirmed ratings for Banner Bank?
For Banner Bank, KBRA affirmed the deposit and senior unsecured debt ratings at A-, the subordinated debt rating at BBB+, and the short-term deposit and debt ratings at K2.
What is the outlook for Banner ‘s long-term ratings?
KBRA has maintained a Stable outlook for all of Banner ‘s long-term ratings.
What does the affirmation of ratings indicate about Banner ?
The affirmation of ratings indicates Banner ‘s financial strength, stability, and sound credit practices.
What is the stock symbol for Banner ?
The stock symbol for Banner is BANR.
